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impairment of assets

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(Querist)
28 October 2009 what is impairment of assets?
when there is depreciation, ammortisation then impairment of assets is required?
what is the difference between amortization, depreciation and impairment of assets??
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
28 October 2009 impairment is when carrying amount of an asset is in excess of the greater of its net selling price and its value in use.

even if there is depreciation or amortization still impairment is required if conditions exist.

Amortization usually refers to spreading an intangible asset's cost over that asset's useful life. Depreciation, on the other hand, refers to prorating a tangible asset's cost over that asset's life and

impairment means when the carrying amount of an assets is shown more than its real worth
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poornima

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poornima (Querist)
30 October 2009 thank you madam.
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